21Nov2019 Midday Update: Wall Street Slips On Conflicting Headlines On US-China Trade, DOW Off Session Lows Now Down 22 Points, US Labor Market, Manufacturing Data Point To Slowing Economy

Here is the current market situation from CNN Money

North and South American markets are mixed. The Bovespa is higher by 0.41%, while the IPC is leading the S&P 500 lower. They are down 1.02% and 0.06% respectively.

WeWork to lay off 2,400 employees globally in SoftBank revamp

WeWork said on Thursday it is laying off around 2,400 employees globally, as the office-sharing company seeks to drastically cut costs and stabilize its business after it transformed from a Wall Street darling into a pariah in a matter of weeks.

Wall Street slips on conflicting headlines on U.S.-China trade

Wall Street’s main indexes fell on Thursday after conflicting headlines on U.S.-China trade relations and a row between the world’s top two economies over the Hong Kong protest added to doubts whether a deal could be reached by the end of this year.

Charles Schwab in talks to buy smaller rival TD Ameritrade: CNBC

Charles Schwab Corp , the largest discount broker in the U.S. financial world, is in talks to buy rival TD Ameritrade , CNBC reported on Thursday, as profits in the industry come under pressure from a shift to zero commission.

GM’s electric pickup truck to go on sale fall 2021: CEO

General Motors Co’s first electric pickup truck model will go on sale in the fall of 2021, the company’s top executive said on Thursday, around the same time as electric carmaker Tesla Inc’s own model is expected to debut.

Explainer: How would a Schwab-TD Ameritrade deal affect retail investors?

U.S. discount broker Charles Schwab Corp. is in talks to buy rival TD Ameritrade in a $26 billion deal that would create an online brokerage behemoth, according to media reports.

Pot stocks soar as U.S. House committee clears bill on federal weed legalization

Shares of marijuana companies rose on Thursday after a U.S. congressional committee passed a legislation to decriminalize cannabis, taking it a step closer to being approved by the Democratic-controlled House of Representatives.

Europe voices guarded optimism it has dodged U.S. car tariffs

EU trade chief Cecilia Malmstrom and ministers expressed cautious optimism on Thursday that the threat of U.S. tariffs on imported European cars had passed.

U.S. labor market, manufacturing data point to slowing economy

The number of Americans filing applications for unemployment benefits was unexpectedly unchanged at a five-month high last week, suggesting some softening in the labor market.

Global stocks, dollar slip as reports kindle trade deal hopes

The U.S. dollar and global equity markets edged lower on Thursday as efforts by China to smooth the path forward in U.S.-Sino trade talks was offset by concerns tensions between the world’s two largest economies were too large to quickly overcome.

‘The Godfather’ In US Politics

‘The Godfather’ In US Politics

Authored by Raul Ilargi Meijer via The Automatic Earth blog,

Watching (some of) the impeachment inquiry this week and last, I again get the same feeling I’ve had for some 4 years now, which is something we all know -metaphorically- from the Godfather.

World’s Best-Performing Stock Crashes 98% After Index-Inclusion Debacle

World’s Best-Performing Stock Crashes 98% After Index-Inclusion Debacle

Welcome to the not-rigged markets…

As of Tuesday’s close, with a gain of 3,800% year-to-date, Hong Kong-listed ArtGo Holdings ‘was’ the world’s best-performing stock. So who is this ‘amazing’ company?

ArtGo, which listed in 2013, reported a net loss of about 29 million yuan ($4.1 million) in the first six months of 2019, after losing 396 million yuan in 2018. The marble-producing company began investing in the Chinese real estate market this year, buying properties valued at 206 million yuan. ArtGo funded the deals through a combination of cash and newly issued shares that were sold at discounts of more than 20% to the prevailing market price at the time.

As Bloomberg details, the stock began surging around the middle of this year and was added to the FTSE Global Equity Index Series China Index in late September, prompting passive funds managed by the likes of Vanguard and State Street Corp. to buy.

On the first trading day after ArtGo was included in the index, it plunged nearly 50%. State Street and Vanguard declined to comment.

By early October, ArtGo had begun rallying again. The gain accelerated after MSCI said on Nov. 7 that it would add the company to its indexes, sending the stock up more than 100% between the announcement and Wednesday’s close.

Today

The Minimum Wage Is The Enemy Of The Poor

The Minimum Wage Is The Enemy Of The Poor

Authored by Jacob Hornberger via The Future of Freedom Foundation,

Suppose they made the minimum wage $1,000 an hour. Just think: Every worker in America would be taking home at least $8,000 a day. That would be an annual salary of over $2 million.

Wonderful, right? What an easy way to abolish poverty and make everyone rich, right?

Benjamin Netanyahu Charged With Bribery And Fraud In Corruption Probe

Benjamin Netanyahu Charged With Bribery And Fraud In Corruption Probe

The Israeli Attorney General has indicted prime minister Benjamin Netanyahu on corruption charges after months of uncertainty over whether Netanyahu would be able to retain his leadership of the country. Netanyahu will be charged with corruption by Israeli prosecutors, including charges of bribery and fraud, a spokesman for the country’s justice ministry said.

How govt plans to gussy up BPCL to attract buyers

How govt plans to gussy up BPCL to attract buyersThe govt is planning to strip some assets from the parent entity while splitting the share sale plan into 2 phases.

Will DHFL depositors get their money back?

Will DHFL depositors get their money back?The deposit holders with overall exposure of Rs 6,000 crore are at risk of losing their savings.

China gives startups what money can’t buy

China gives startups what money can’t buyChinese investors have armed themselves with a suite of services for their portfolio companies in India.

October 2019 Headline Existing Home Inventory Falls

Written by Steven Hansen

The headline existing home sales improved relative to last month with the authors saying “Historically-low interest rates, continuing job expansion, higher weekly earnings and low mortgage rates are undoubtedly contributing to these higher numbers”.

Schwab and Ameritrade in the spotlight: Are broker stocks worth buying?

Mergers could create a spike in prices but, overall, there are pricing pressures in the industry.

Investors have already priced in a U.S. – China trade deal, according to these indicators

‘Markets think this pie is baked, cooled and ready to serve,’ Colas said. ‘If you aren’t as sanguine, ‘you need to be lightening up on risk exposure right now.’

Key Words: Voters want more climate-change debate, but the Democratic event gave less than 10 minutes to the issue

Climate-change policy experts worry that a lack of detailed candidate plans with price tags, competition with the health-care issue and the limitations of a debate format relegate the environment to low priority heading into the 2020 race, even as Wall Street and Corporate America step up their own attention on the issue.